Exact Sciences reported its financial results for the first quarter of 2016.
Here are six key notes:
1. Exact Sciences reported total revenues of $14.8 million for the first quarter of 2016, compared to $4.3 million for the same period last year.
2. The company reported a net loss of $47.5 million for the first quarter of 2016. It reported a net loss of $35.8 million for the first quarter of 2015.
3. Operating expenses for the quarter totaled $53.7 million, whereas operating expenses reached $36.1 million for the same period in 2015.
4. Exact Sciences ended the first quarter of 2016 with cash, cash equivalents and marketable securities totaling $262.6 million, down from $306.9 million recorded on Dec. 31, 2015.
5. During the first quarter of 2016, the company completed approximately 40,000 Cologuard tests, representing an increase of more than 260 percent compared to approximately 11,000 tests completed in the same quarter last year.
6. Cologuard, a noninvasive colon cancer screening test that can be performed at home, was approved by the FDA in 2014.
"Throughout the quarter, our efforts were focused on delivering compelling marketing programs, improving salesforce effectiveness and securing broad commercial reimbursement for Cologuard. We are pleased with the progress being made in each area," said Kevin Conroy, chairman and CEO of Exact Sciences.